Hi,
I was practicing market sizing questions, and came across this question:
How many barbershops/hairdressers are there in the UK?
I went about about this question through these steps:
1) Population (65m)
2) Working age adults (I estimated this to be 33m as I made the assumption that 0-19 and 60-80 do not work and/or they do but at negligible rates)
3) Proportion of working age adults that are hairdressers/barbers (I estimated 1%)
4) Average number of workers in a barbershop/hairdressers (I estimated 10)
5) Divide the total no. of hairdressers by average number of workers in a barbershop/hairdresser
This got me to an answer of 33,000.
I would be grateful for any suggestions as to how to approach this question and whether my approach can be improved!